Anticipation Building for Westmont Ridge Auction Open House Saturday, Feb. 9

By Jann Wiswall

On Saturday, Feb. 9, 2013, those interested in participating in HoliMont’s Westmont Ridge property auction are invited to an open house from 12-4 p.m. for a close-up view of the stunning lots that will be available. Another open house will be held on the Feb. 23before registration for the auction begins at 2 p.m.

The Westmont Ridge project, Phase 1 of a two-phase plan, involves the sale of 31 lots for single-family, private homes. The lots range in size from one-third to one-half acre and will feature ski-in, ski-out terrain. The land is west of the resort off Route 242 in the Town of Mansfield. Once a substantially number of lots are sold, HoliMont expects to start the infrastructure (road, sewer, water) this spring and to close on the lots by the end of 2013 after the infrastructure is complete.

Phase 2, which will involve building new slopes in the Sunset area and a new lodge, is dependent in part on funds raised from the sale of the lots and will not begin until the bulk of Phase 1 sales are complete. Phase 2 also includes development of a multi-unit condominium; “Park & Pipe” terrain with lighted, nighttime hours; a new beginner-friendly ski area; a state-of-the-art high-speed detachable lift at Sunset; a Nordic Center for cross-country skiing and snowshoeing; parking and more.

Historically, said HoliMont’s General Manager Dave Riley, HoliMont has been able to “expand by investing in contiguous land and selling that real estate, rather than by assessing members. This strategy has served the resort well.”

An example of that strategy is the Greer Hill subdivision. Thirty-two lots on Greer Hill of similar size were available for auction in the mid 1990s. Most were sold during the auction; others were sold conventionally. To date, all have been sold and many have changed hands at least once.

“The last lot was resold in June 2012 for $198,500,” said ERA Realty’s Amy DeTine. Properties with homes that sold recently or are currently on the market are listed in the $950,000 – $1.5 million range or more, she added.

While it’s anybody’s guess how much the Westmont Ridge lots will fetch at auction, or even how many total lots will be sold, “there have been many inquiries from all over the region, including Western New York, Ohio and Canada,” said Cash Cunningham, president of Cash Realty and Auctions, who is managing the auction.

“These are truly spectacular properties and there’s definitely interest,” he said. The results of the auction will “teach us a lot about the depth of the market in the Ellicottville area in general.”

Interested buyers must preregister for the auction and bring a certified deposit check for $20,000.

Bidders will follow a process called “Bidders Choice” where the high bidder will immediately choose the lot they want to purchase. Each subsequent high bidder will select their lot from the remaining inventory until the set number of bids for the auction has been achieved. Bidders may purchase up to three lots, but must do so immediately upon the acceptance of their bid. HoliMont reserves the right to reject any or all bids, but also must do so immediately. Any remaining lots likely will be sold by conventional means.

Onsite registration for the auction begins at 2 p.m. on Saturday, Feb. 23, 2013. The auction begins at 3 p.m.

“I expect the entire auction will take no more than an hour and a half,” said Cunningham.